Stikkordarkiv: economics

Hvor høy er den økonomiske usikkerheten?

av Vegard Høghaug Larsen, avdeling for pengepolitikk, Norges Bank.

Vegard-Hohaug-Larsen-NB-16728- Foto_Nils_Stian_Aasheim

Trusselen om handelskrig, Brexit og konflikt i Midtøsten er alle kilder til den generelle økonomiske usikkerheten som tynger verdensøkonomien for tiden. For en sentralbank som skal orientere seg i en uoversiktlig verden, kan det være nyttig å ha tilgang til kvantitative mål for usikkerhet.  I dette innlegget viser jeg en metode for å måle utviklingen i ulike typer usikkerhet over tid. Vi vil se at målt usikkerhet i dag er på historisk høye nivåer.   Les videre

The effects of financial fluctuations: New US evidence and policy implications

By Francesco Furlanetto, avdeling for pengepolitikk, Norges Bank

francesco_furlanettoFor the last 20 years, inflation targeting has been seen as a successful framework for monetary policy and, in fact, it has been adopted widely around the world. Promoting price stability was seen as fully compatible with stable growth in real economic activity. This view found support in theoretical models developed in academia and used by central banks but also in the historical experience of the last 20 years, characterized by remarkable stability in inflation and real economic activity. However, inflation targeting may be less successful in achieving stability in the real economy in presence of financial shocks. Les videre

Are narratives associated with economic fundamentals or better understood as capturing the market’s animal spirits?

L og Vav Leif A. Thorsrud og Vegard H. Larsen, forskningsenheten, Norges Bank.

This is the last blog post, in a series of three, where we use text as data and take a narrative perspective to describe and understand business cycle fluctuations. In the preceding posts we have shown how a topic decomposition of economic news could be used to track the business cycle in the US, Japan, and euro area, and we have investigated whether or not narratives relevant for growth go viral. Les videre